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About this report
01
Business overview
04
Key financial indicators
04
Our organisational structure
06
Our footprint
08
Business operations
10
Our history
12
Our vision and mission
14
Our values
15
Corporate strategy
16
Leadership
19
Performance review
24
Reports to stakeholders
24
Chairman’s letter to stakeholders
24
Chief Executive Officer’s report
28
Chief Financial Officer’s report
32
Divisional review
36
Grains
36
Consumer Brands – food businesses
38
Home, Personal Care and Baby (HPCB)
42
Exports and International (excluding Nigeria)
43
Nigeria
46
Associates
48
Key statistics
50
Definitions
50
Five-year review
52
Segmental report
53
Value added statement
55
Summary of ratios and statistics
56
Governance and risk
58
Corporate governance
58
Risk management
68
Audit committee
74
Social, ethics and transformation committee
78
Remuneration report
80
Contents
Sustainability
106
Our approach
106
Stakeholder engagement
108
Our people
110
Transformation
117
Our communities
119
Environmental impact
123
Annual financial statements
126
Responsibility for annual financial statements
128
Report of the independent auditor
129
Directors’ approval
130
Certificate by Company Secretary
130
Preparation of annual financial statements
130
Statutory information
131
Effects of changing prices
133
Income statements
134
Statements of comprehensive income
135
Statements of financial position
136
Statements of cash flows
137
Notes to the cash flow statements
138
Statements of changes in equity
140
Notes to the financial statements
143
Shareholder information
242
Application of King III
242
Administration
249
Analysis of shareholders
250
Shareholders’ diary
257
Declaration of final dividend number 140
257
Notice of annual general meeting
258
Re-election of directors and election of
audit committee
270
Form of proxy
271